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Global Smart Polymers Market | North America is growing at the highest CAGR by 2023
Global Smart Polymers Market Information By- Stimulus Type (Physical, Chemical and Biological Responsive Polymers), Application (Biotechnology and Medicine, Electrical & Electronics, Automotive, Drug Delivery Systems) - Forecast till 2023
The characteristics of polymers which are determined by a change in environment factors such as pH, temperature, and others are known as smart polymers. They are also called stimuli response polymers or intelligent materials. These polymers are strong, resilient, durable, ecofriendly and reliable nature. Owing to these attributes, they are used in various applications such as biotechnology and medicine, drug delivery systems, and others.
The Global Smart Polymers Market has been driven by the growing demand of physical stimuli responsive polymers in heavy end industries. Moreover, it is estimated that the market is set to witness a higher growth due to an increase in the number of manufacturing units to produce intelligent materials in automotive, chemical and construction industries.
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Major Key Players:
The Major Players operating in the Smart Polymers Market are:
- BASF SE (Germany),
- The Lubrizol Corporation (the U.S.),
- Spintech LLC (the U.S.),
- Akina, Inc.(the U.S.),
- SMP Technologies Inc. (Japan),
- Evonik Industries AG ( Germany),
- Reactive Surfaces Ltd ( the U.S.),
- Merck Group ( Germany),
- NEI Corporation (the U.S.)
The Global Smart Polymers Market is categorized on the basis of Stimulus Type, Application:
On The Basis Of Type-
- Biological Responsive Polymers
On The Basis Of Application-
- Biotechnology and Medicine,
- Electrical & Electronics,
- Drug Delivery Systems
Geographically, Smart Polymers Market is segmented across Five Regions in the world namely:
- Asia Pacific,
- North America,
- Latin America,
- Middle East & Africa.
North America holds a major share in the market and is expected to continue its dominance due to rising demand of smart polymers in end use industries such as biotechnology and medicine, automotive. These polymers are widely used to improve the optimal performance and standard in heavy end industries. Due to these reasons, the U.S, Canada and Mexico are the major players in the market. Asia Pacific is predicted to witness a higher CAGR in countries such as Japan, China and India owing to growing demand of biocompatible materials in automotive, construction and industrial machinery. The growing consumption of intelligent materials in diagnostic materials and devices is estimated to drive the market in the European region during the forecast period. Due to these factors, Germany, the U.K. and Italy are the major contributors to the smart market in Europe.
The Middle East & Africa region is estimated to observe a moderate growth in the market due to lack of standardization and less awareness about the product. Moreover, a slow growth is predicted in the Latin American regions such as Brazil, Argentina and Uruguay due to recession and poor technological advancement.
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